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Category > Accounting Posted 12 Jul 2017 My Price 9.00

Acquisition cost; equipment

Exercise 10-2 Acquisition cost; equipment [LO10-1]

Oaktree Company purchased new equipment and made the following expenditures:
 
  Purchase price $ 64,000  
  Sales tax   4,100  
  Freight charges for shipment of equipment   890  
  Insurance on the equipment for the first year   1,090  
  Installation of equipment   2,900  
 

     The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:

Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1) Record the purchase of equipment

2) Record any expenditures not capitalized in the purchase of equipment

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Maurice Tutor
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Status NEW Posted 12 Jul 2017 08:07 AM My Price 9.00

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